Regulatory Alerts2021-05-20
Draft Amendments to Policy Statement to Regulation 41-101 respecting General Prospectus Requirements
The regulator issues draft amendments to the Policy Statement to Regulation 41-101 respecting General Prospectus Requirements to update terminology and clarify definitions. The changes replace the French term for asset-backed securities and substitute references to special purpose entities with structured entities across multiple sections. Additionally, Section 4.4 is repealed while Section 4.5 is amended to align the language regarding the distribution of asset-backed securities.
AMENDMENTS TO POLICY STATEMENT TO REGULATION 41-101 RESPECTING GENERAL PROSPECTUS REQUIREMENTS
- Section 1.3 of Policy Statement to Regulation 41-101 respecting General Prospectus Requirements is amended by replacing, wherever they appear in the French text of paragraph (1), the words “titres adossés à des créances” with the words “titres adossés à des actifs”.
- Section 2.7 of the Policy Statement is amended: (1) by replacing, wherever they appear in the French text, the words “titres adossés à des créances” with the words “titres adossés à des actifs”; (2) by replacing, in the first paragraph, the words ““special purpose” entity” with the words “structured entity” and the words “special purpose issuers of asset-backed securities” with the words “structured entities distributing asset-backed securities”; (3) by replacing, in the fourth paragraph, the words “a special purpose issuer” with the words “a structured entity”.
- Section 4.4 of the Policy Statement is repealed.
- Section 4.5 of the Policy Statement is amended: (1) by replacing, wherever they appear in the French text, the words “titres adossés à des créances” with the words “titres adossés à des actifs”; (2) by replacing, in the first paragraph, the words “a special purpose issuer of asset-backed securities” with the words “a structured entity that has distributed asset-backed securities”.
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